LSC Communications Receives Court Approval for Sale to Atlas Holdings and Supporting Creditors
LSC Communications, Inc. (OTCQX: LKSD) (“LSC” or the “Company”) today announced that the U.S. Bankruptcy Court for the Southern District of New York (the “Court”) has approved its previously announced stock and asset purchase agreement, under which an affiliate of Atlas Holdings LLC (“Atlas””) with the support of certain of LSC’s secured creditors (the “Creditor Group”), will acquire substantially all of the Company’s assets.
“With the Court’s approval of the sale, we are able to move forward with this value-maximizing transaction that represents the best path forward for all LSC stakeholders,” said Thomas J. Quinlan III, LSC Communications’ Chairman, President and Chief Executive Officer. “We are confident that through this partnership with Atlas, LSC will be uniquely well-positioned to strengthen and grow our market-leading position and provide our customers with the same high standards of quality, reliability and innovation. On behalf of the LSC Board and management team, I would like to sincerely thank all of our employees for their hard work and dedication throughout this process.”
The transaction remains subject to customary closing conditions, including regulatory approvals. The transaction is expected to close during the fourth quarter of 2020.
Additional information regarding LSC’s restructuring is available at www.lsccomrestructuring.com. Court filings and information about the claims process are available at https://cases.primeclerk.com/LSC, by calling the Company’s claims agent, Prime Clerk, at (877)-429-6615 (toll-free in the U.S.) or +1-646-214-8838 (for parties outside the U.S.) or sending an email to LSCInfo@PrimeClerk.com.
Sullivan & Cromwell LLP is serving as legal advisor to the Company, Evercore Group L.L.C. is serving as financial advisor and AlixPartners, LLP is serving as restructuring advisor to the Company. Willkie Farr & Gallagher LLP is serving as legal advisor to Atlas. Ducera Partners LLC is serving as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Arnold & Porter LLP are serving as legal advisors to the Creditor Group.
About LSC Communications
With a rich history of industry experience, innovative solutions and service reliability, LSC Communications is a global leader in print and digital media solutions. Our traditional and digital print-related services and office products serve the needs of publishers, merchandisers and retailers around the world. With advanced technology and a consultative approach, our supply chain solutions meet the needs of each business by getting their content into the right hands as efficiently as possible.